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Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) is the largest provider of dredging services in the United States, known for its extensive and diverse fleet of over 200 specialized vessels. With a legacy spanning 127 years, the company plays a significant role in marine construction, environmental remediation, and infrastructure development both domestically and internationally. Employing more than 1,000 skilled professionals, GLDD excels in projects that enhance and preserve waterways and coastlines, as well as those that bolster infrastructure.
The company’s core operations include Coastal Restoration, Coastal Protection, Ports and Harbors, International, and Inland Dredging. Recent high-profile projects include the deepening of the Sabine-Neches Waterway, the beach renourishment at Great Egg Harbor Inlet, and the St. Augustine Shore Protection Project. These initiatives are pivotal for economic benefits, environmental protection, and enhancing U.S. competitiveness in global markets.
GLDD’s strategic expansion into the offshore wind market underscores its commitment to renewable energy. The company has made significant strides with its offshore wind rock installation vessel, the Acadia, which is the first U.S.-flagged Jones Act compliant vessel for subsea rock installation. This vessel will contribute to meeting the ambitious renewable energy goals set by the Biden Administration.
Financially, Great Lakes has demonstrated resilience and adaptability. Despite recent market challenges, the company reported strong performance in 2023, securing multiple contracts and maintaining a robust backlog. This includes significant projects related to LNG and offshore wind. The company's disciplined cost management and strategic investments in new vessels like the Galveston Island and Amelia Island dredges position it well for future growth.
Partnerships with entities like MARAD and the Philly Shipyard highlight GLDD’s collaborative efforts to enhance its service offerings and operational capabilities. Moreover, the company’s Incident-and Injury-Free® (IIF®) safety management program underscores its commitment to employee safety and operational excellence.
Great Lakes Dredge & Dock Corporation remains a vital player in the maritime industry, dedicated to improving and protecting the world’s waterways and coastlines while pioneering advancements in renewable energy infrastructure.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the three and nine months ending September 30, 2020, on November 4, 2020, at 7:00 a.m. C.S.T. A conference call is scheduled for the same day at 9:00 a.m. C.S.T. Participants can join by calling (877) 377-7553 with Conference ID 1494155. The call will also be available for replay until November 6, 2020. Great Lakes is the largest U.S. dredging service provider and has a strong safety culture, never failing to complete a marine project in over 130 years.
Great Lakes Dredge & Dock Co. (NASDAQ: GLDD) announced its relocation of headquarters from Oak Brook, Illinois, to Houston, Texas. This strategic move aims to strengthen connections with customers and explore new markets along the Gulf Coast and Mississippi River. The Houston office is set to open in early 2021, seeking 20,000 square feet of space in the Energy Corridor. The company anticipates enhanced collaboration with major clients, including the U.S. Army Corps of Engineers, and plans to support industry growth through new regional offices in Jacksonville and Staten Island.
Great Lakes Dredge & Dock Corporation (NASDAQ:GLDD) has increased its investment in coral conservation at The Florida Aquarium in Tampa, following the challenges posed by COVID-19. This initiative aims to continue the Aquarium's significant coral restoration efforts, which have included spawning endangered coral species. The company's ongoing support reflects its commitment to environmental conservation. The Florida Aquarium has made notable advancements in coral propagation, crucial for preserving marine biodiversity.
Great Lakes Dredge & Dock Corporation (GLDD) recently announced the receipt of several major dredging awards totaling $59.8 million. Key projects include:
- Atchafalaya River Bay Maintenance Dredging ($13.8 million)
- Brevard County Beach Renourishment ($10.6 million)
- Fort Pierce Beach Re-nourishment ($8.5 million)
- Mobile Harbor Deepening Project ($8.3 million)
- Three additional awards totaling $18.6 million
These projects are funded by the U.S. Federal government and are expected to be completed in 2021, contributing positively to Great Lakes' backlog and operational performance.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) secured a $105 million contract for the Jacksonville Harbor Construction Dredging, with expectations of an additional $11.5 million in optional work, bringing the total potential to $116.5 million. Dredging will commence in Q4 2020 and is set for completion by Q2 2022. The project aims to deepen and widen the channel, enhancing shipping efficiency and safety for larger vessels. The company emphasizes environmental compliance and safety in its operations.
Great Lakes Dredge & Dock Corporation (GLDD) has secured several major dredging contracts worth a total of $118.8 million. Key projects include the $52.9 million Charleston Lower Harbor Dredging, $30.6 million Emerald Isle post-hurricane nourishment, and $15.5 million Freeport Harbor improvement. Work is set to begin in Q4 2020 and continue into 2022. These contracts contribute positively to Great Lakes' backlog and align with their strategy for environmental support and infrastructure improvement.
Great Lakes Dredge & Dock Corporation (GLDD) announced significant awards totaling $117.8 million for various dredging projects in the U.S. The major projects include:
- $44.9 million for the Mississippi River maintenance project.
- $24 million for the beach renourishment project in New Jersey.
- $15.2 million for coastal storm risk management in Florida.
- $14.6 million for Wilmington Harbor maintenance.
- $10.3 million for maintenance in Texas and Louisiana.
- $8.8 million for a project in Delaware and Maryland.
These projects are expected to enhance coastal protection and the company’s service capabilities.
Great Lakes Dredge & Dock Corporation (Nasdaq: GLDD) reported Q2 2020 results, showing a revenue of $167.9 million, a decline of 9.1% from Q2 2019. Income from continuing operations was $9.0 million, down $2.5 million year-over-year, while adjusted EBITDA fell to $28.1 million. The company ended the quarter with a cash position of $233.5 million and a backlog of $423.4 million. Despite lower quarter earnings, year-to-date income grew by 34% to $42.9 million. Management remains confident in the company's outlook, citing continued project opportunities amidst the COVID-19 pandemic.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) announced a new share repurchase program, allowing up to $75 million in common stock buybacks. CEO Lasse Petterson stated that this decision reflects the Board's confidence in the company's future and commitment to shareholder value. The company boasts strong cash flow and a solid balance sheet, enabling these buybacks while retaining liquidity for growth opportunities. Repurchases may occur through various methods, including open market and Rule 10b5-1 plans.
Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) will announce its financial results for the quarter ending June 30, 2020, on August 4, 2020, at 7:00 a.m. C.D.T. A conference call is scheduled for the same day at 9:00 a.m. C.D.T., accessible via phone at (877) 377-7553, with Conference ID 1658815. Replays will be available until August 6, 2020. The company emphasizes its leadership in the dredging industry, showcasing over 130 years of project success and a commitment to safety through its Incident-and Injury-Free® program.
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